What is the Customer Data Platform (CDP)? Why Should You Use It?
The customer data platform abbreviated as CDP is used in promoting the first-party data. CDPs are significant to your business in this data-driven marketing universe. It does not only give you the 360-degree view of the customers but also gives you invaluable insights.
The key benefits of CDP tools for your business are:
- You can generate reports across different channels with the help of CDP tools.
- CDP tools allow you to have access to customer data at different stages.
- You can have a complete view of a customer and hence have better targeting methods.
- You can easily segment the audience as per the criteria and optimize the campaign management process.
- You can also submit all the compliance-related documents easily as all the data is kept in a single tool.
Now that we have seen the key benefits of the CDP tools, let us take a look at some of the best CDP use cases to understand these benefits in-depth.
List of Top 7 CDP Use Cases
Intrepid Group is an Australian adventure travel company. It was using siloed data capabilities across different platforms. As the data was distributed across different platforms, the personalized content marketing became a complex activity.
In order to overcome this challenge, the company approached Tealium for the CDP solution.
The collaboration with Tealium AudienceStream allowed the marketers at the company to effectively suppress the audience for remarketing, across all the devices.
This shift to the CDP solution also helped the company to monitor the marketing stack along with CRM, analytics, email, and advertising altogether.
It has allowed the company to provide its users with a better experience, improve audience engagement, and suppress the audience smartly.
The tangible results of this partnership included a 26% increase in website visitors & a 106% increase in web inquiry.
Utah Jazz, a famous NBA team based in Salt Lake City, Utah, was struggling on-field and on the marketing front too.
It was struggling to track users across different domains. This hampered their ticket selling capacity to a considerable extent.
The key problem the marketing team faced was not the lack of subscribers. It had hundreds of thousand subscribers but the marketers didn’t have the technology to segment the audience, set the preferences, or develop a time cadence.
The other key challenge was the inability to recognize visitors.
Hence it approached Tealium AudienceStream for a CDP solution. The collaboration allowed them to segment the audience better & understand the type of content that would appeal to them.
It also allowed them the key insights on user behavior across all the channels. The marketers could easily personalize the content based on user behavior and the improvement in audience engagement was there to see.
This collaboration helped them to grow the revenue through email tickets by a whopping 3,800% over the two years.
Paycor is a Cincinnati, Ohio based Human Capital Management Company. It helps more than 30,000 SMBs with HR payroll software.
As a B2B solution provider, Paycor caters to companies with highly diverse needs. It is difficult to satisfy their needs with a uniform solution. With personalized targeting, Paycor wanted to drive more sales-qualified-leads (SQL).
In order to achieve this goal, Paycor decided to partner with Evergage’s CDP. It wanted to track the user behavior and based on the behavior, it wanted to cater to different solutions that are more relevant to the users.
These behavioral changes included historical transactions with Paycor, current actions, and the product that the prospect might be looking for.
Evegage provides a machine learning algorithm that eliminates the need for manual content creation. It also provides highly relevant content through the machine learning platform.
This partnership with Evergage CDP has helped the company to improve audience engagements, deliver better user experience, and increase revenue.
In tangible terms, CTR improved by a significant 72% and the conversion rates increased by a whopping 47%.
Also Read: Top 7 Differentiating Factors in CDP Vs. DMP Comparison
The Motley Fool, a Virginia based global finserv company, provides consultation on mutual funds, wealth management, and DIY investors.
The company wanted to centralize the data, unify all the channels, manage the audience in real-time, and focus on hyper-personalization.
They decided to partner with Lytics CDP as it could comprehensively accomplish the marketing needs of the company.
Lytics CDP offers personalization and machine learning capabilities. The company wanted to enhance audience engagement and improvise the conversions.
This collaboration helped the company to reduce the cost per acquisition by 20% within the first year of implementation. It also helped them to run targeted campaigns, and improve the personalization significantly.
Also Read: 6 Best DMP Use Cases
Sovos is an American finserv company that specialized in tax compliance and is headquartered in Wilmington, US.
Sovos follows an audience centered, account-based personalized approach. But, multiple sources of data, and a disparate data distribution system prevented the company from reaching its marketing potential.
There were a lot of non-account data subjects clogging up the CRM.
The company decided to team up with Leadspace CDP to get a comprehensive system with a predictive modeling method.
With the help of Leadspace CDP, Sovos could build custom personas, highly accurate predictive data models, and real-time data enrichment.
The partnering with Leadspace CDP helped Sovos to increase sales acquired leads by 12%. And also helped them to have a 25% increase in pipeline quality in a short time.
Vitkac is Poland’s most exclusive fashion shopping company.
It provides access to some of the highly-sought-after fashion brands through their Warsaw-based store. It also operates as an e-commerce platform.
The competition in e-commerce is fierce and the company knew it had to be innovative to penetrate the online market.
Vitkac decided to partner with Exponea CDP to deliver a personalized user experience with an AI-powered recommendation system.
The integration allowed Vitkac to provide an automated recommended section, and an option to browse for similar alternatives.
Exponea CDP also helped the company to gather all the first-party data in a holistic system and made email marketing personalization a lot easier.
The results of this collaboration were significant. The company increased its overall conversion rate by 23% in the first month. Over the six months, the total ROI was a mind-blowing 585% that of before the integration with Exponea.
Recolution is a millennial fashion company that focuses on 100% organic, vegan clothing. It is based out in Hamburg, Germany.
It wanted to transform its digital marketing efforts and improve engagements, and conversions through marketing.
Recolution approached Exponea to build a GDPR compliant customer onboarding system to increase the loyal customer base.
This helped them to assign lifetime customer value and convert new visitors into buyers.
The integration with Exponea helped the company to improve the email deliverability, increase engagements, and improve overall conversions.
The tangible benefits were there to see. It helped to improve open rates by 67%, click-through rates by 82%. The campaign conversion rates increased by 42%, and sales w.r.t. the campaign increased by 42% in just two months.
Key Takeaways
With the help of the above-mentioned CDP use cases, we can see that companies across different industries have transformed their marketing practices.
Here are the KPIs of their transformation.
- Improved Audience Engagement
- Better content personalization
- Higher Sales Qualified Leads(SQL)
- Higher Sales Acquired Leads (SAL)
- Better Return on Investment (ROI)
- Improved online sales
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